For many working Americans, little to celebrate in fiscal bill

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You state on Wednesday’s front page that the bill passed to avert the fiscal cliff will “lower taxes on virtually all Americans.” This is not entirely true, because the bill would allow payroll taxes to rise.

According to an analysis released Jan. 1 by the nonpartisan Tax Policy Center in Washington, the bill would result in a tax increase on 77.1 percent of US households. While President Obama insists that the bill protects the middle class from tax increases, and while he celebrates a higher marginal tax rate on top earners, the reality for many working Americans will be lower after-tax income in 2013.

Meanwhile, all of us can still look forward to continued increases in federal spending, a ballooning of our national debt, and sluggish economic growth — problems that this bill does little to address.

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